JLL Capital Markets announced that it has secured $60 million in non-recourse construction financing for Sovereign at Town Center, a luxury, garden-style multihousing community in Davenport, Florida.
JLL worked exclusively on behalf of Sovereign Properties to secure the three-year, floating-rate loan through an affiliate of Mosaic Real Estate Investors (“Mosaic”), a greater Los Angeles- and New York City-based real estate investment firm. The financing will be used for Phase 1 of a three-phase project sitting on 22.9 acres. Phase 1 will contain 360 apartments anticipated for completion by summer of 2022. Phases 2 and 3 will consist of an additional 350 units and commercial space, also to be developed by Sovereign.
The apartments will consist of one-, two- and three-bedroom units, averaging 1,092 square feet and throughout 14 buildings. Units will boast stainless steel appliances, quartz countertops, 9’ ceilings, hardwood cabinets and flooring and brushed nickel fixtures. Community amenities will include private garages, a pool, media center and movie theater, game and billiards rooms, fitness center, dog park, golf simulator and tennis court.
Located at the intersection of Osceola Polk Line Rd. and Old Lake Wilson Rd., the property is positioned near Interstate 4 and just 15 minutes from Disney World, Universal Studios, Orlando International Airport and Downtown Orlando. In addition to being located near major attractions, Davenport is near key economic drivers such as leading technology, trade, transportation and logistics employment hubs.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Gregory Nalbandian and Director Jesse Wright.
“Despite ongoing market headwinds in the construction loan market created by COVID-19, we were able to deliver an 80 percent LTC non-recourse construction loan for this Class-A project,” stated Nalbandian. “Mosaic did an outstanding job from the outset, recognizing this project’s superior attributes compared to many other projects coming online and delivered flawlessly.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
